The time might be just right to make a house purchase in Pune. According to the latest data from Magicbricks, af fordable properties have now become more affordable. In simpler terms, there has been a fall in property prices which makes investment in one easier. If worried about the decline in prices then remember that affordable housing is one of the visions of the government of India and will not drop out of limelight anytime soon.

Today, affordable housing projects on offer provide enhanced lifestyle solutions for better living standards. The idea is to improve the living conditions of the poor and underprivileged and to provide their families respectable accommodation and safer environment.Affordable homes have captured the interest of developers, since the government of India launched an ambitious plan of providing housing for all by 2020 under the Prime Minister Awas
Yojana. As per government statistics, the number of people living in slums is projected to rise to 7.75 per cent of the total population almost double the population of Britain.

WHY BUY NOW?

Lower property prices can be the biggest reason for you to invest now.Though at present, higher budget properties are performing well, one can be smart and invest in an affordable property. As concluded before, lower budget segments will remain in the spotlight. If not for end-use, one can always invest in
one to earn returns on investment.

In this case, it is important to choose your locality wisely.Opt for areas which have good rental demand and therefore areas near ITITeS hubs and other office complexes pose as a safe bet. Pune
has always been a city of migrating workforce. The need for small format houses will remain for single professionals who are working. Buying a house near educational institutions and universities will also be fruitful as outstation students look for small sized properties for residence.

Price change noted: The overall price
trend noted in Pune for budget segments Rs 3,000-Rs 4,000 and Rs 4,000Rs 5,000 per sq ft has declined by one per cent respectively. East Pune localities saw the maximum fall in values.

WHERE CAN YOU FIND AFFORDABLE HOUSES?

North, East and South zones of Pune offer lower budget homes. The percentage of their availability has been mentioned in the table below while the price change has been mentioned in brackets.While some localities in these regions saw rise; others witnessed a drop in property values.

WAGHOLI DESERVES A MENTION

These budgets have not seen a positive change in the Jul-Sep 2016 quarter. Their availability has also been comparatively slim in refer ence to higher budget homes. Magicbricks data in formed that the Rs 4,000-Rs 5,000 per sq ft category can be found in Wagholi.

If one is looking to invest in a property for end-use dget is limited, Wagholi is the
and the budget is limited, Wagholi is the area one can opt for. Arvind Jain, managing director, Pride Group, says, “In Pune, one of the prime examples of spill-over demand and infrastructure working together to successfully raise the real estate profiling of locations is Wagholi. The area is seeing spill-over from Kharadi, an IT hub of the city.“
Kharadi has almost reached saturation in terms of real estate development and offer property within the range of Rs 5,800-Rs 6000 per sq ft, Wagholi comes as an affordable bet for those with limited budget.

If choosing between ready-to-movein and under-construction properties, then one can find both these types in Wagholi. Properties in the former section saw a fall in prices by 2.5 per cent while the under-construction section
saw a fall of 2.6 per cent. While choosing, keep the developer in mind. Look at the amenities being offered and whether it is of use to you.

Khandala-Loni road links the locality to the other parts of Pune. Wagholi is witnessing infrastructure development, for example, the expansion of Nagar Road to six lanes. Upcoming Ring Road will also boost the connectivity of the locality. The road connecting Wagholi to Eon IT Park, which goes through the Na
gar Road, is under construction. Another flyover is proposed on the road connecting Wagholi to Shikrapur in the opposite direction. However, water and electricity issues are still a problem area.

Since prices of smaller budget homes have fallen, step in and make a purchase. It is a buyer's market. Do not wait for another time if lower budget homes is what you have been looking for.